While deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September 2023, the Group's loan book (net) increased by 17.7% from ₦1.89trillion as recorded as of December 2022 to ₦2.22trillion in September 2023. After closing at ₦8.6 trillion for total assets and ₦1.3 trillion for shareholders' funds, the Group's balance sheet maintained its resilience and structure.
Although asset quality was maintained, with IFRS 9 Stage 3 Loans improving to 3.8% in September 2023 from 5.2% in December 2022, the Full Impact Capital Adequacy Ratio (CAR) closed at 25.1%. On the other hand, the Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022 due to management's conservative approach to provisioning as macros worsened year over year and had a negative impact on the ECL variables.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment. Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.
”He further said; “We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos, Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.
”Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.
With banking operations in Nigeria, West Africa, East Africa, and the UK, GTCO is a well-known financial services group. It also has new ventures in the areas of payment, funds management, and pension fund administration. It has won numerous prestigious awards over the years for its leadership in the banking sector and work to empower individuals and communities.
Guaranty Trust Bank was recently named Best Bank in Nigeria by Global Finance, Best Banking Group in Nigeria by World Finance, and Nigeria's Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence. The Banker's rankings of the Top 1000 Banks in the World and Top 100 Banks in Africa include GTCO's Guaranty Trust Bank.
Source: Newsonspot
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